The prior art machines designed to form longitudinally extending slots in the shanks of threaded fasteners typically have no provision for orientation of the slot on the peripheral surface of the shank. Threaded fasteners are typically fed into a succession of pockets on a rotating dial to be transferred to a station adjacent the periphery of the dial where a rotary saw cuttingly engages the threaded shank to produce a thread-cutting slot on the fastener. Thus, the rotary cutting saw performs the slotting operation on whatever peripheral surface was randomly exposed to the cutting station. Products, such as drill screws, typically include a drilling configuration at the tip which includes cutting edges and flutes extending above the cutting edges. It is frequently desirable that thread cutting slots be oriented and aligned so as to merge with the flutes of the drill point. Drill screws have also been developed which, not only drill a hole in a pair of overlapping workpieces, but which also ream a clearance hole in the uppermost workpiece. Such products typically include radially extending wings in the vicinity of the drill point. The use of such winged products further requires that the thread cutting slot formed in the shank be oriented so that the slotting operation does not in any manner damage the wings.